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The Supreme Court held on June 21, 2018 in Lucia v. SEC that Securities and Exchange Commission (SEC or Commission) Administrative Law Judges (ALJs) are “inferior officers” subject to the Appointments Clause of Article II of the U.S. Constitution rather than regular federal employees. Such inferior officers must be appointed to their positions by the President, a court of law, or a head of department. At issue in Lucia was that SEC ALJs had been appointed by SEC staff members, not the Commission.

Israel’s largest fintech conference. This year 1,500+ professionals will attend from Israel and from around the world: CXO’s, entrepreneurs, investors, innovation and fintech leaders from the leading startups, fintechs, banks, financial institutions, hubs, accelerators and investment companies, private, public, and government owned.

Murphy & McGonigle lawyers will be attending and speaking at Blockchain conferences around the country and internationally in the coming weeks. Who’s On the Block features a summary of the conferences, trends, thought leadership and sponsorships in which our leading FinTech & Blockchain Practice is involved.

Whether digital assets are securities under Federal securities law or something other than a security, and therefore outside those provisions, is a pressing question. On June 14, 2018, William Hinman, the Director of the Division of Corporation Finance at the Securities and Exchange Commission, provided valuable insights about current staff thinking and offered future guidance for market participants.However, parsing the analysis in respect of a particular digital asset remains a daunting task.

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